Bitcoin is under some solid pressure and I see that as a bad omen for the rest of the risk complex.
Bitcoin started the day nicely after some late selling yesterday. It bounced to $105,600 and that’s where it traded early in New York hours but it’s since come under some real pressure and is down nearly 1% on the day.
The zone near $99,000 held a couple times last week and made for a nice base but there’s something of a head-and-shoulders on this chart that could be trouble.
This chart also gives me caution regarding the Nasdaq, particularly as Nvidia continues to face pressure. AMD rallied early today on some out-year bullish forecasts but I take those with a big grain of salt.
This article was written by Adam Button at investinglive.com.